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CH Bailey's year-end profits shored up by property revaluation
High end property developer CH Bailey plc announced on Wednesday that its 30 St Barbara Bastion property in Malta has been successfully let and revalued.
The AIM-traded company said that the property, now classified as an investment asset as opposed to a fixed asset, has been let for residential use for a 12-month period
The property's revaluation to 3.5m has resulted in an estimated profit uplift of 1.32m which CH Bailey said it expects to show as a non-cash revaluation in the group's profit before tax in the 12 months leading up to 31 March.
The net profit from the revaluation is estimated at 1.04m.
The company said that the revaluation coupled with the recent sale of its 16 Charles Street property in Malta for 1.725m, which will result in a profit before tax of 0.95m, means that it estimates profit for the year ended 31 March 2018 is £2m before tax and £1.68 million after tax.
As of 1411 BST, CH Bailey's shares were up 5.13% at 102.50p.